The Turkish bank, which was originally seeking $200 million, walked away with $300 million structured in three tranches. A $70 million five-year final and 3.6-year average life priced at Libor plus 200 basis points, or a 6.038% coupon; a $150 million floater priced at Libor plus 200 basis points and an $80 million seven-year final/5.1-year average life tranche priced at Libor plus 225 basis points, sources said.

The future flows deal, structured as a rule 144A with no registration rights, is a securitization of diversified payment rights (see ASR 6/13/05).

Moody's Investors Service rated the deal Baa3'. Last month, Fitch Ratings upgraded its ratings for the bank, giving it a BBB-' driven by the bank's enhanced profitability, improved asset quality and adequate capitalization, according to a Fitch report.